Trading with SpiritEx Market consists of issuing buy and sell orders on the market. An order instructs the market to buy or sell a certain number of units of an Offering at a certain price (or better).
As soon as the order is placed, the market will match it against all other open orders and will attempt to fill the new order as much as it can. The order may be partially filled, completely filled, or not filled at all.
Each order can also have an expiration associated with it, which can be one of the following values:
- Empty (no value): This specifies an
Immediate Expirationand the market will close this order immediately after trying to fill it against existing orders. - Non-Expiring: Specify a
*for the expiration to set this order toNon-Expiring. This order will be matched against and kept open in the event that it is not completely filled. - Specific Date: Specify a specific date (e.g.
2025-04-01) to keep this order open until a specific date, where it will be closed automatically if it is not filled before then.
¶ Placing a Sell Order
The user Alice Carolz is selling 100 units of a newly created Whiskey Offering. She is asking for $50.00 per unit and has set the oredr to not expire.
Since there are no other orders on the market for this new Offering, Alice's order remains unfilled and open.
¶ Placing a Buy Order
Another user Bob Evanz wants to acquire some units of Alice's new Offering and places a buy order on the market for 10 units of the Offering at $65.00.
Since Alice's sell order is still open, Bob's new order matches against it and gets filled immediately. Notice that Bob's oredr is immediately closed and was settled at the best possible price, which was Alice's original ask of $50.00.
